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The Financial Security of Elderly Americans

elderly's financial security

1 minute read

The financial security of many elderly Americans has been greatly affected by inflation and the COVID-19 pandemic.

With the highest inflation rate since 1981, around 50% of the elderly are unable to afford essential expenses like food, housing, health care, transportation, etc. It’s estimated that 54% of single older women and 45% of single older men are classified as poor under federal poverty standards.

And for the first time in 50 years, adults over age 55 have faced unemployment at a higher rate than younger adults. With increased unemployment comes not only loss of pay but often loss of benefits such as health insurance, that are tied to employment.

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This blog is intended to be a compilation of information and resources pulled from federal, state, and local agencies. This is not intended to be legal advice. For up to the minute information and guidance on COVID-19, please follow the guidelines of the Centers for Disease Control and Prevention (CDC) and your local health organizations.

National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.

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Megan Ware

Megan Ware

Megan Ware is an outgoing and energetic person who loves meeting new people. Customers appreciate how attentive she is to their requests and how quickly the situation gets resolved. She comes from a family who works in the public sector, so she is happy that her role at National Insurance Services can help people just like her own. As Territory Manager, Megan works with Iowa, Nebraska, and South Dakota school districts, cities, counties, and hospitals. She is also responsible for establishing relationships with agents and expanding NIS’ presence in western states. Megan is a licensed insurance agent and specializes in life, disability, dental, and vision insurance. She has both a PPACA (Patient Protection & Affordable Care Act) certification and a GBDS (Group Benefits Disability Specialist) designation.